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To: Daniel Schuh who wrote (19608)	5/21/1998 12:48:00 PM
From: Reginald Middleton	Read Replies (3) \| Respond to of 24154

There are several reasons I keep ignoring you on this Dan. For one, a debate with you is similar to having a debate with a chipmunk. You spout non-sense in lieu of giving anything of substance, except for an occassional reference to a news article without any justification for its contents. You are mischaracterizing my statement on options, it was not meant to be taken literally. Of course you wouldn't realize that. I have also warned you about relying on the popular business press regarding credible information. They probably know about as much as you do on the subject. How was that outstanding option figure arrived at? Was it valued using a weighted average of underlying share prices? Valued using the antiquated and inaccurate Black Scholes or a more accurate Jennegren-Naslund model? Did it include employee attirtion? Share price alpha? market psychology? How were the strikes aggregated into one number? Exactly were are you going with this? I don't actually want an answer, so please don't bother.